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NSW Orange - Experiences

Discussion in 'Where to Buy' started by newbie1234, 9th Jul, 2016.

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  1. newbie1234

    newbie1234 Active Member

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    Hi All,

    We have been looking into where to buy through our SMSF for a long term property. I have been interested in Orange and would like to know anyone's experience of the market there? How are the tenants, property managers etc? Also I note there are quite a few houses on the market, I understand the Westinghouse factory closed not long ago, could this be a reason for the property excess?

    Any information is greatly appreciated.

    Thanks
     
  2. HUGH72

    HUGH72 Well-Known Member

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    There was a mini boom around 2010-11, excess stock on the market currently and slightly elevated vacancy rates last time I looked.
    Some ordinary PMs who are slack following up arrears.

    Good yields when your tenant pays on time has been my experience with a place in the lower socio economic part of town yielding 8%+
     
  3. bob shovel

    bob shovel Well-Known Member

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    Also has mines nearby, I'm not sure what they are up to. There's also a juice factory and some other industry. Tourism becoming more popular I think. It's a nice town, arty and getting a "mudgee" feel but with more infrastructure
     
  4. WattleIdo

    WattleIdo renovating Premium Member

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    It was Electrolux.
    Although I don't believe it, it was reportedly the roughest town in NSW a few years ago. However, I would say that the driving there is more of a problem.
    There is a TAFE, a new hospital, some beautiful old houses and buildings, parks,etc. There are cafes, boutiques, a cinema, and 2 Bunnings(!) At least 2 Maccas too. Mining is a little slow atm.
    It will all come back strongly soon, but not yet. I do think you have to be careful with your tenants in the area but there is still a high vacancy so that's the oly problem as far as I can see.
     
  5. bob shovel

    bob shovel Well-Known Member

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    Really? ? No way, which muppet from Sydney came up with that stat? I was out there a few years ago and really liked it. I bashed a few people but that's neither here nor there :p
     
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  6. WattleIdo

    WattleIdo renovating Premium Member

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    It was in the local paper and one of my literacy sts told me while I was teaching there. It depends who you mix with and where you go.
     
  7. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Westinghouse and Electrolux are one and the same....

    Ps. I have a new Westinghouse fridge, i'm really happy with it but it was delivered with a dent on the door. 6 weeks or so later and I still need another door. First time it was supposed to be delivered, 10am that morning of supposed delivery they tell me they dont have the part. So I rescheduled. Next time... rescheduled.... same again. They did not have the door, dont have the part. Third time... they delivered. But the door handle on the wrong side!

    Terrible service. And what's worse is they can't tell you when in the day the piece will come so you cant properly plan your day....
     
  8. bob shovel

    bob shovel Well-Known Member

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    That's a great news story to boost community spirito_O ridiculous.
    There's trouble everywhere
     
  9. WattleIdo

    WattleIdo renovating Premium Member

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    Same as always, do our research. There are some rough places in Orange and you won't know about them until you spend a couple of nights there. Point of my post is not this but the vacancy rate. Cheers
     
  10. Allgood

    Allgood Well-Known Member

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  11. WattleIdo

    WattleIdo renovating Premium Member

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    Maybe, but I'm not going to 'hype Orange' just for the sake of it. OP wants honest answers, surely. A balanced and open-minded perspective will help with DD. Otherwise, readers may think that those 120K ex-housos for sale will be easy to tenant and pleasant to visit. I've had a look around some. They are a good buy but you must go in with your eyes open.
     
    Luke T and Allgood like this.
  12. LibGS

    LibGS Well-Known Member

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    Are they opening some huge gold mine near Orange?
     
  13. euro73

    euro73 Well-Known Member Business Member

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    We've done a small number of great , boutique NRAS approved projects in Orange and are about to deliver another one... they've all valued extremely well... on the button without exception. The yields are superb and tenancy demand has been strong.

    The price points combined with NRAS make the numbers really hum... inside or outside of Super.